The European Insurance and Occupational Pensions Authority (EIOPA) has published its final report on insurers’ reporting and disclosure requirements under Solvency II, which it says will improve policyholder protection.

EIOPA says it proposes a balanced approach on costs and benefits in response to its public consultation on reporting requirements.

Chairman Gabriel Bernardino says insurers and regulatory supervisors need to start as early as possible to implement the proposals.

Although reporting requirements might change because work is still under way, he says the industry should use the proposal as a basis to prepare to implement Solvency II.

The full package on reporting and disclosure will be available this year.